Same deal with my sister she sold her house in Palo Alto for cash to a couple from China.
it was on the market for one day.
The Chinese do not mind “overpaying” for real estate because plenty of their motivation is to just get their money out of their country.
They also distort multifamily RE pricing because it is such an embedded tradition to own RE, especially rental real estate, that when you combine those two motivations, they will pay way too much for RE based upon traditional metrics.
I can’t say I blame them. When I was involved with real estate, Chinese investors would bid up the prices of small multifam duplexes and 4-plexes to where they made no economic sense.
In a free market, buyers are free to overpay, are they not?
House in suburbs south of Houston recently sold for way more than the listing in cash to a guy from Iran. Lots of homes in same area now being sold to muslims, all for cash and all well over current market value. Driving appraisal values for other homes up which results in a huge increase in taxes and insurance.
Does not bode well for the future.